the Bank of Russia increased from August 1 (the weekend and Monday, August 3) official US dollar to 6 cents to 73,4261 of the ruble. While the single European currency gained from 1.03 ruble, and tomorrow it will 87,2889 ruble.
according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on the exchange sites of emerging markets on Friday observed a mixed dynamics, the ruble continues to remain among the leaders to reduce”. “The dollar index to the middle of the day again traded in the red, and the Euro showed a small plus to the USD, although in the morning until the end of the first half of the day the single European currency has been adjusted amid the release of weak data on GDP for the 2nd quarter of the current year the main countries participating in the Eurozone”, says the review expert.
In his opinion, “increased pressure on the Russian currency, apparently, still caused by the conversion of ruble funds into foreign currency at the current dividend period.”
we also Recall that the Russian national currency since the beginning of this year has significantly depreciated against the dollar and the Euro. Strong pressure on the rouble had a General panic in the financial markets due to the rapid spread of the pandemic coronavirus infection COVID-19 and concerns about its impact on the global economy, and a collapse in oil prices.
So, the strong devaluation of the Russian currency occurred on March 7 on the international Forex market, after the day before the deal collapsed OPEC+, — countries of the Alliance are unable to agree on cutting oil production, nor of the extension of the deal for a longer period (1 April 2020). Then, on March 9, 2020, the financial and oil markets suffered “black Monday”, and on 18 March, the market embraced a “black Wednesday” with yet another collapse of oil prices, the Russian nazwaluta in the course of trading on the Moscow stock exchange has updated (at the time) a record low against the dollar and Euro since February of 2016, 81 and 88 million, respectively.
we Add that the real effective exchange rate of the ruble (inflation-adjusted) in June 2020 rose 2.9% against foreign currencies relative to the previous month. In this case the real rate of the ruble against the dollar rose during this period by 5.2%, to Euro — by 1.7%. However, for the first 6 months of the current year the real effective ruble exchange rate decreased by 5%.